Bitcoin continued its decline on Saturday after potentially positive catalysts from El Salvador and Square were unable to assuage investor concerns over Chinese regulatory risks.
The world’s largest digital coin slipped to trade around $35,220 as of 6.31pm in New York, down 5.3 per cent in the past 24 hours. It was trading at 36,164 3.99, down 3.99 per cent on Sunday at 10.04am UAE time. The move extends its downtrend for a second day after a cryptic tweet from Elon Musk that hinted at a potential split with the cryptocurrency.
Weibo, a Chinese social-media service, appears to have blocked some crypto influencer accounts on Saturday, citing violation of unspecified laws and Weibo community rules. While Weibo has cracked down on various crytocurrency-related accounts in past years, the news came on top of recent harsh Chinese regulatory rhetoric that has already led to a plunge in prices for many digital coins.
Meanwhile, El Salvador president Nayib Bukele said he plans to submit legislation that will make Bitcoin legal tender in the country, world-first, according to a video message he gave to the Bitcoin 2021 conference in Miami.
Square said on Saturday it will invest $5 million to build a solar-powered Bitcoin mining facility at a Blockstream Mining site in the US through a partnership with the blockchain technology provider.
Weekends in recent months have been rocky for cryptocurrencies, which trade every day of the week. Before this weekend, Bitcoin’s average swing on Saturdays and Sundays this year comes in at 5.35 per cent.
“Weekends have not been kind to Bitcoin lately,” Nicholas Colas, co-founder of DataTrek Research said. “You don’t have institutional players involved as much, it’s not as liquid a market as it is during the week.”
Mr Musk has agitated Bitcoin and other digital coins with his social media posts. On Saturday, he tweeted that “Goods & Services are the real economy, any form of money is simply the accounting thereof.”
Bitcoin is struggling to break above its 20-day moving average – it failed to do so on Thursday and Friday – and is having a hard time advancing towards $40,000. If the coin were to breach that round-number level, it would probably test its 200-day moving average of around $41,500, something many analysts would consider a bullish catalyst.
However, as Bitcoin continues to fluctuate in a narrow range, a retest of the $30,000 level could also be in play until more positive catalysts emerge.
Still, many point out that the cryptocurrency space has always been volatile. Its price swings – up and down – are a characteristic of the market, they argue, and many of its long-term investors are undaunted by its fickle day-to-day swings.
“Our investor base has experienced market volatility many times and they know that this comes with the territory – the ability for there to be pretty pronounced movements in price are native to investing in crypto, particularly at this point in crypto’s life cycle,” Michael Sonnenshein, chief executive at Grayscale Investments said. “Investors don’t really get phased.”
“It’s very difficult to make a fundamental case sometimes for some of these, and so I think that’s your primary risk,” JJ Kinahan, chief market strategist at TD Ameritrade, said.
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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